On 16 May, FIA and ISDA submitted a joint response to the European Commission's consultation on the operations of the European Supervisory Authorities such as the European Securities and Markets Authority. FIA and ISDA proposed improvements to the process by which ESMA drafts and phases-in legislation, and recommended creating a European version of the CFTC’s “no-action letter” regime. The two associations also called for further analysis of ESMA’s proposal to centrally regulate all CCPs and CSDs in the U.K., and issued a call for caution regarding direct supervision of third country firms that are recognised in the EU.
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